Equity Release
Equity Release Plans (Reverse Mortgages) are loans that have been designed specifically for you, the senior borrower’s (75 years and over). These loans allow you to access the equity in your home and turn it into cash, enabling you to make your lives more enjoyable. Releasing the equity tied up in your home provides you with the financial capabilities to do what you please in your twilight years.
With a reverse mortgage you can borrow from $10,000 to $250,000 depending on your age, property value and location. So whether you plan to renovate your home, buy a new car, take an overseas holiday or enjoy additional income, we can help you with your options. A major benefit of Reverse Mortgages is that they may not affect your pension eligibility*.
How does it work?
You can take the full amount of your loan in one lump sum, or you can draw down the money as you need it.
You can choose to make voluntary repayments at any time. But there is actually no need to make any repayments at all. A reverse mortgage is re-paid when you no longer live there. Naturally, once the debt is repaid the balance belongs to you and your beneficiaries. Contact us for more information and to apply.
*subject to government regulations, please check your eligibility with Centrelink.
*Conditions apply, and may be subject to change at any time.
All terms and conditions indicated by Great Southern Loan Pty Ltd are subject to change. Actual terms and conditions of all loans will be set out in the loan contracts.